Hi Traders,
My analysis for this week is that we will sharply go up during NFP week as the price continues to drive down. If we follow the dow jones theory where the market has discounted everything.. Then my assumption is that we will go to 1760-1769 to continue back down bearish
Please note that we have not been back to the 1800 area for a while where a lot of...
Hi Traders,
I'm analyzing the price action pattern from yesterday's bull, which unexpectedly extended the legs further for third and fifth waves, causing my scalping method to enter in losses instead. My view is to wait for the confirmation for a bearish downturn continuation channel for a scalp sell (sell on strength) and big shadow candlestick pattern in a...
Hi Traders,
Hope you are having a great weekend. As predicted from previous analyses which explained that the price actions were able to break the lower low of the consolidation zone. Quick recap from last week:
Economic activities:
Neutral: NFP on Friday result showed a weak negative sentiment to USD with no much appealing surprise difference in actual...
Hi Traders,
Today we are seeing that the price was not able to rebound back to the channel. It exactly hit my rebound level and drop significantly to 1810 (check my previous analysis to validate that I put that channel for a long time). This is a very dilemma situation where we are seeing a down pattern like this because it should break below 1800 but price...
Last week Friday was intense. The price jumped to 1874 all the way from 1840 which was almost a 2% move and then a huge drop from the top; thus creating a double top from the previous high a couple of weeks ago. This shows that it is a very strong resistance to break an all-time high.
Main scenario: Today we have a gap up with almost 7-10 points from the week...
Hi Traders,
Fundamentals/related news:
Bull: Hope you are doing well! Equity in the US market has been extremely volatile. We saw common US indexes falling 2% and rising 2% in addition to the retail investor community namely WallStreetBets betting against the hedge funds and IB; the market has been quite indecisive.
Bull: Two days ago we saw advance GDP...
Hi Traders,
Yesterday was rough and choppy moves for buys. I hate to say but my trades got stopped out couple of times. It's a learning process, but I'm sharing my gold perspective for today. Here are some indicators from price action yesterday:
- Falling wedge/upward channel break 1857 and retrace back after retesting to 1862-1864 support area
- Clear HnS form...
Hi traders, I made a couple of analyses and gold went accordingly with my scenarios. However, the next 2 weeks may be brutal. Here are my thoughts why:
We have been consolidating quite enough with a range of 1820-1864 (eliminating long wicks) on the daily chart for almost more than 2 weeks; looking at hourly price action it starts to form a rising wedge...
Yesterday gold stayed in consolidation around 1862-1874 area and keep rejecting 1856-1858. I'm speculating that this is going to be a quick drop before it jumps back up around the 1884-1886 area. I will put a really small trade on 1858 after checking the price action to see if we can get a quick scalp to 1838
TP 1838-1840
Entry 1858
SL 1862
Note: 1838-1840 range...
Gold rocketed with high momentum candle yesterday creating 300 pips from the lowest wick daily. I'm waiting for a great opportunity to short if all criteria met:
- Chart pattern is a bearish flag as we are seeing a huge drop from 1955 previously
- Support 1884 should be pretty strong seeing from the daily chart
- Fibonacci retracement shows the last retracement is...
Will go long with ABC pattern if today candlestick is a hammer
if the candle is engulfing a bullish pattern (staying pivot 1846), then go long until 1890
Gold broke out resistance 1862 which has really been quite a dramatic long time to break (went accordingly with my previous analysis). My next scenario is:
1. It will heavily consolidate on 1870-1880 around the resistance area (probably until next week), which trying to go up little by little because gold has exhausted going up
2. If there is no impulsive move to...
Yesterday we had short due to the rising wedge pattern and still going upward. We might see the W pattern being built soon based on my last post.
if it breaks 1860, be prepared to go long to 1870ish (ideally 1877) touching first resistance.
Wait for price action and Biden's official inauguration and we can decide the entry point
as you can see my chart shows very clearly on the trendline that the bear candles are diminishing slowly, we will see a pattern if it breaks beyond 1862 resistance.
BUY 1862-1864 IF BREAK RESISTANCE FROM DIMINISHING BEAR CANDLE
TP 1872-1874
SL 1859
SELL 1836-1838 (POSSIBLY TRIPLE TOP PATTERN + EMA DOWNTREND + BEAR FLAG PATTERN)
TP 1820
SL 1840
it really depends...
Hi guys, new in trading. I'm just sharing my thoughts on my trading plan and please feel free to comment if my analysis is helpful. Kindly appreciate any feedback as well
Gold XAU/USD forming H1 W pattern. Yesterday, January 13 it retraced from 1862 resistance and straight-shooting down to the bottom at 1834
Couple of reasons for long:
- Forming W pattern
-...
